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Alias Born | 09/21/2009 |
Wednesday, May 02, 2012 10:55:05 AM
I learned a lot of lessons via Tradeshow, etc... about penny stocks.
My lesson learned:
Unless you are on the inside of the group pumping the stock and thus front loading your position, NEVER get in.
Too bad margin requirements are too high to short these things effectively, I would be super rich. Most brokerage houses (maybe not all) require you to put up $2.50 / share shorted as margin against shorting any security under $2.50.
I didn't realize that and I shorted 1M shares of another penny stock about 1 year ago and had a $2.5M margin call...lolzzzzzz
I called Schwab and closed the position....obviously. I would have actually made money on it otherwise, because it predictably tanked.
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